FTX US Affiliate Sees Record Daily Trading Volume in First Half of 2021

FTX.US, the U.S. affiliate of cryptocurrency exchange FTX, has reported 150-times growth in average daily volume in the first half of 2021 compared to last year.

  • The exchange carried a daily volume ranging between ~$150 million and ~$1 billion during this period, hitting a high of $993 million on April 22, the company said Thursday.
  • Bitcoin, the world’s largest cryptocurrency by market value, was priced at around $54,000 at the time, having been north of $63,000 less than a week earlier.
  • FTX also cited its lively marketing strategy in its mid-year operational update which appears to be bearing fruit in placing itself front and center before a mass audience.
  • So far this year, the company has bought the naming rights to the National Basketball Association’s Miami Heat’s home arena, entered into a partnership with Major League Baseball to have its branding on umpires’ uniforms and announced an equity stake deal with Tom Brady and Gisele Bundchen.
  • FTX CEO Sam Bankman-Fried told CoinDesk TV a week ago of the Hong Kong-based firm’s plans to expand its business in the U.S.
  • “There isn’t nearly as much business going on right now as you would expect given the size of the economy,” he said. “A lot of that is regulatory. It’s something that we’re working on there.”
Read more: Crypto User Numbers Double in 6 Months